With today’s sale of the legendary LVH, Las Vegas Hotel & Casino, the cloud of uncertainty that hovered over the property for the past year has dissipated, making way for a bright future with a new ownership and management group.

Having operated under a court-appointed receiver since January of this year, The LVH was sold at a foreclosure auction today to a joint venture between Gramercy Capital Corp. and Goldman Sachs Mortgage Company LLC.

The LVH, previously known as the Las Vegas Hilton, is comprised of a 59-acre mixed-use, resort campus adjacent to the Las Vegas Convention Center includes a 2,973-room hotel, a 74,000 square foot casino, a 200,000 square foot meeting and convention space, numerous restaurants, and the SuperBook™ - the world’s largest race and sports book.

“The future is bright for The LVH on all fronts,” said Rick Stevens, chief operating officer of the Navegante Group, a well-known casino management company engaged by the new ownership group to manage and operate the property.

“We want to express our appreciation to the Las Vegas community, state and local officials, vendors, governmental agencies and our employees for their cooperation enabling this transition to occur seamlessly. We have been energized by their support and, now that the sales is complete, we intend to deliver the excellent service and the top gaming, entertainment and hospitality experiences that have been a trademark of The LVH.

The Navegante Group spent weeks leading up to the proposed sale of The LVH to assess the property’s operations and, “we were extremely impressed by the quality of the management team that guided the property through this difficult and uncertain period,” said Stevens. “The current management team and the employees of The LVH are the key to our success during this transitional phase and we intend to hire substantially all of them as we go forward.

This allows us to maintain continuity of operations and provides for a seamless transition,” Stevens added.

“We have a valuable combination of rooms, new casino games, fine and casual dining, convention space, nightclubs, and main stage entertainment to offer,” Stevens said.

One important aspect not to be overlooked is that since entering the foreclosure process in September 2011, The LVH has continued to conduct business as usual and has successfully booked group and convention business for 2013 and beyond.